Discussion Paper Series 2019 #01: Trading Forward: The Paris Bourse in the Nineteenth Century

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January 17, 2019

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INCAS

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OpenEdition



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INCAS, « Discussion Paper Series 2019 #01: Trading Forward: The Paris Bourse in the Nineteenth Century », INCAS, ID : 10670/1.8t4dvd


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Contrary to what law and finance theory would predict, the Paris Bourse was highly liquid at the turn of the 20th century: the traded volumes amounted to four times the French GDP. This magnitude was mainly due to forward trading. The Bourse had developed as a forward market, despite a ban on forward transactions. The official stockbrokers played a key role in legitimizing and legalizing these operations, previously equated with gambling. The 1885 legalizing act initiated a new fie...

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